HMRC gets tough on tax avoidance schemes
The Finance Act 2014 received Royal Assent on 17 July 2014. It will change the economics of using tax avoidance schemes by requiring payment of disputed tax upfront in cases involving numerous marketed tax management schemes.
The Act allows HMRC to issue follower or accelerated payment notices to taxpayers, requiring the taxpayer’s tax returns to be amended and/or any disputed tax to be paid where:
- A taxpayer has made a return, claim or appeal on the basis that a particular tax advantage arises from an identified tax arrangement which is disclosable; or
- HMRC is of the opinion that there is a final judicial ruling that is relevant to the particular tax arrangement the taxpayer has entered into…
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